JLL: Q3 office leasing hits 23.2M sq ft as Hyderabad jumps 2.5x
Summary
JLL data released on 26 October show Q3 office leasing across seven cities at 23.17M sq ft, up 41% on the quarter. Leasing for January–September reached 61.06M sq ft, 8% higher than a year earlier.
Key points
- Q3 by city: Bengaluru 7.74M, Hyderabad 4.55M, Delhi NCR 4.19M, Mumbai 2.87M, Pune 2.23M and Chennai 1.41M sq ft.
- Hyderabad rose 157% on the quarter and 32% year to date.
- Global capability centres took 26.2M sq ft in nine months, 43% of the total.
- Average vacancy across the seven cities is 14.8%; Mumbai and Delhi NCR are at 16- and 15-year lows.
- New completions of 43.7M sq ft in nine months are the highest for the period since COVID.
What it means for Korean companiesGood space in Mumbai and Delhi NCR is going fast and leaves less room to negotiate, so shortlist early there. In Hyderabad and Bengaluru, where new supply is high, compare terms and negotiate.